There are many different funding options available for businesses, we encourage you to review this cross-eligibility chart to decide which program(s) may work best for you.
Bank First is here to help! Contact a Relationship Manager at your local office if you have questions about the options available for you and your business.
Note: Fraudsters take advantage of these uncertain times to present fake resources to businesses or try to impersonate businesses in order to gain information or financing. We urge you to be cautious of new opportunities and be alert for fraudulent activity related to you or your business. Learn more about Wisconsin Tomorrow Small Business Recovery Grant business identity theft letters, business identity theft, and PPP scam attempts on our Fraud and Scams page.
PPP LOAN FORGIVENESS - Round 1 & 2
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if the loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
The forgiveness portion of PPP Round 2 became available through our online portal on May 4, 2021. Bank First customers who have completed their Round 2 applications and have met the minimum covered period of 56 days (8 weeks) will receive an email with information and further instructions.
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (revised 3/22/2021)
- Interim Final Rule on Second Draw PPP Loans
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 7-30-21)
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 7-30-21)
- SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 7-30-21)
- Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
PPP Forgiveness for Loans of $150,000 and Under Streamlined
The SBA released a streamlined loan forgiveness application for PPP loans totaling $150,000 or less. The new, simplified Form 3508S includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants still must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are further required to retain the documentation supporting their certifications for six years, but do not need to submit it.
A borrower that uses SBA Form 3508S is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees (section 1106(d)(2) of the CARES Act) or reductions in employee salary or wages (section 1106(d)(3) of the CARES Act) that would otherwise apply.
Additional tools you can use:
- Wisconsin Bankers Association (WBA) PPP Forgiveness Q&A
- Bank First Forgiveness Application Guide
- SBA Frequently Asked Questions on PPP Loan Forgiveness (8/4/20)
- SBA Loan Review - Borrower and Lender Responsibilities
- Department of the Treasury - Loan Forgiveness Interim Final Rule
ADDITIONAL SBA LOAN ASSISTANCE OPTIONS
The Small Business Administration is offering additional loan options your business may qualify for, including:
SBA DEBT RELIEF
- The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn More and determine if your business qualifies.
USDA RURAL DEVELOPMENT PROGRAMS
USDA Rural Development has taken a number of immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak. Learn more.
MAIN STREET BOUNCEBACK GRANTS
Wisconsin Economic Development Corporation introduces Main Street Bounceback Grants. The pandemic took a toll on Wisconsin’s small businesses, and the main streets and commercial corridors that housed them. Now it’s time to bounce back.
The goal of the Main Street Bounceback Grants program is to provide financial support to businesses that move into existing vacant commercial properties, helping to create a foundation for long-term success for themselves and their communities.
• The program provides $10,000 grants to businesses moving into vacant commercial spaces.
• Your business can use the grant funds for lease or mortgage payments, operating expenses, building repairs, tenant improvements and other qualified expenses.
• New or existing businesses that lease or purchase a vacant commercial space as of January 1, 2021 and June 30, 2022, may be eligible for Main Street Bounceback Grants.
LEARN MORE to see if your business qualifies and how to apply!
In addition to the aforementioned lending resources, Bank First may also be able to assist your business with other loan options. Please contact your Bank First relationship manager to discuss which options are the best fit for your individual business. As always, thank you for choosing Bank First!